A Wedding Budget Can Start Your Marriage on Track

For love? Or for money? Whatever your reason for tying the knot, money and finances are a big part of the equation when two people say "I do."

Uttering those two words is more than a pact to love and cherish one another. Read between the lines and your partner may be saying, "I do have a lot of debt I'm bringing to this marriage, dear heart." Or how about, "I do not give a rip how much it costs, I want a full orchestra at our wedding reception.”

In a perfect world, you could plan a wedding without regard to how much you’ll spend on the orchestra. But that world exists only in bridal magazines, which boldly tempt the average bride and groom with expensive ideas while ignoring the price tag.

IHateFinancialPlanning.com, a Web site for the three out of four Americans who hate financial planning, advises couples to watch that price tag carefully or be prepared for the financial consequences.

“Starting out with a lot of wedding debt can put a damper on the honeymoon stage of a marriage,” says Suzanne Hunstad, an IHateFinancialPlanning.com spokesperson. “Having a wedding budget can help couples learn important money lessons that could make the financial part of their marriage easier as time goes on.”

You Better Have a Plan for Paying

It used to be that the bride’s family was responsible for most wedding costs, but with couples getting married later in life and more second marriages taking place, it’s not so clear-cut anymore. “There’s really no such thing as tradition when it comes to who is going to pay for a wedding,” Hunstad says. What’s becoming more common is pooling funds from the bridal couple, her parents and his parents.

No matter who is paying, wedding costs will add up faster than you can throw rice on the big day. Therefore, IHateFinancialPlanning.com advises couples to create a budget and commit to following it. The Web site offers an interactive wedding budget worksheet that can easily and securely store information to make the budgeting process more manageable during a chaotic planning time.

“We’ve also got a financial compatibility quiz to help each partner understand how the other handles money, which could eliminate the need for a wedding budget altogether,” Hunstad jokes.

In addition to the wedding budget worksheet and numerous financial tools the bride and groom can use throughout the marriage, the Web site offers these wedding prep tips to help the couple save a few dollars or even a small fortune when planning their big day:

* Wedding gowns and bridesmaids’ dresses can be rented rather than purchased. Consignment shops, sample sales and even the want ads are good sources for less costly gowns and accessories.

* Consider using simple invitations. Liners and enclosure cards add unnecessary costs in printing and additional postage.

* Wedding cakes are more expensive than other cakes. Consider having a small decorative cake for show and then serving sheet cake to guests.

* Wedding flowers tend to be priced for big budgets. Careful planning can cut flower costs considerably (more green, fewer blooms).

* Seek references from friends when selecting florists, cake decorators, photographers, videographers and musicians. There’s a growing industry of “amateurs” who offer their skills at reasonable rates. The quality is nearly as good, and you’ll pay a lot less than hiring professionals who spend big advertising dollars promoting their businesses.

* Consider local, public historic homes, area parks or even your own home for the ceremony and/or reception.

* Be ruthless with your guest list, because each name increases the cost of your reception. If you wouldn’t invite someone to your home for dinner, you can delete that person from your guest list.

* Sometimes reception hall fees are more affordable (and certainly don't need to be reserved as far in advance) if you're scheduling your wedding outside of the traditional wedding months of May through September, or on any day but Saturday.

* A buffet will set you back less than a sit-down dinner. Another option is scheduling your reception for an "in-between" hour and serving a variety of hors d'oeuvres and/or a dessert bar.

* You don't have to provide alcohol for your guests. In fact, many wedding parties offer none at all or a simple champagne toast. A cash bar is acceptable and certainly a more affordable option.

For more information go to www.ihatefinancialplanning.com.

Courtesy of ARA Content

EDITOR’S NOTE: IHateFinancialPlanning.com is a Web site that has helped 3 million people who have an aversion to planning make sense of their personal finances through fun, friendly, easy-to-understand content and financial planning tools. Affiliated with ING’s U.S. operations, the Web site has been featured on CNN “Headline News,” CNBC’s “Power Lunch” and as one of USA Today’s “hot sites.”

ING's U.S. operations (www.ing-usa.com) offer a comprehensive array of products and services, including life insurance; fixed and variable annuities; retirement plans; employee benefits; and mutual funds, through a variety of distribution channels, including a large network of independent financial professionals. ING U.S. Financial Services is part of Amsterdam-based ING Groep N.V., one of the largest integrated financial services organizations in the world.

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